Freshfields leads on E60m Deutsche pro bono initiative
Freshfields Bruckhaus Deringer has acted on a pro bono basis for Deutsche Bank on an ethical investment portfolio designed to make small loans available to people in developing countries.
October 03, 2007 at 11:57 PM
2 minute read
Freshfields Bruckhaus Deringer has acted on a pro bono basis for Deutsche Bank on an ethical investment portfolio designed to make small loans available to people in developing countries.
The transaction sees Freshfields advise Deutsche on its newly-launched securitisation of E60m (£42m) worth of subordinated micro-finance bonds on the German market. The team was led by Frankfurt finance partners Andreas Bartsch and Bernhard Kaiser.
Freshfields also advised rating agency and regular client Fitch on a pro bono basis under London finance partner Stuart Axford.
Over the last few weeks investors have subscribed bonds for a total of E60m, E36m (£25m) of which was taken up by private customers of Deutsche, E20m (£14m) by institutional investor KfW and E4m (£2.8m) by Deutsche itself.
The transaction marks the world's first externally-rated securitisation of subordinated micro-finance credits. The fund was primarily structured by Deutsche in Germany.
Freshfields was initially approached by Fitch to advise on the transaction, and subsequently decided to offer pro bono advice to Deutsche as well.
The loans will help 21 microfinance institutions contribute to the fight against poverty by distributing as least 120,000 small loans to small businesses – mainly farmers – in developing and emerging market countries including Azerbaijan, Ecuador, Mozambique and Kyrgyzstan.
Fitch relationship partner Axford commented: "We are always very keen to help out with pro bono work – it makes a lot of sense to be able to help so many people by doing what you do on a daily basis. It is a great opportunity to do a pro bono job in your own area."
Freshfields regularly advises Deutsche and was recently reappointed to the bank's German panel of preferred advisers, alongside fellow magic circle law firms Linklaters, Allen & Overy and Clifford Chance and Slaughter and May best friend Hengeler Mueller. Recent deals for the client include advising on its acquisition of insurance subsidiary Abbey Life from Lloyds TSB in a deal worth almost £1bn.
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